According to the new market research report on the "Foam Tape Market by Resin (Acrylic, Rubber, Silicone), Technology (Solvent, Water, Hot-Melt), Type (PE, PU, Acrylic), End-Use Industry (Automotive, Building & Construction, Electrical & Electronics, Paper & Printing), and Region - Global Forecast to 2023"published by MarketsandMarkets™, The Foam Tape Market is estimated at USD 7.44 billion in 2018 and is projected to reach USD 10.35 billion by 2023, at a CAGR of 6.83% between 2018 and 2023. Foam tapes are pressure-sensitive and self-adhesive tapes that are coated with adhesive on one side or both sides of the foam types such as PE, PU, acrylic and (nitrile, EVA, rubber, polyester, polyether, PVC, and vinyl). These tapes are created by applying a thin adhesive layer to various foam types. The type of adhesive and the type of foam play important roles in determining the strength, cost, and ease of use and life of the foam tape. Foam tapes are widely used in the industries such as automotive, building & construction, and electrical & electronics for bonding, holding, mounting, splicing, and other purposes.

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“The foam tape market is projected to register a CAGR of 6.83% between 2018 and 2023, in terms of value.”

The foam tape market is projected to grow from USD 7.44 billion in 2018 to USD 10.35 billion by 2023, at a CAGR of 6.83% between 2018 and 2023. The rising demand for foam tape across various end-use industries such as electrical & electronics, building & construction, automotive, and paper & printing is expected to drive the foam tape market. The increasing environmental concerns and the growing number of regulatory policies have propelled the manufacturers of foam tape to focus on the development of eco-friendly products. Volatile raw materials prices are acting as a restraint to the growth of the foam tape market. The rising costs of foam types such as acrylic and PE across the globe are affecting the foam tape market. Most of the raw materials used in the development of foam tape are petroleum-based derivatives that are vulnerable to fluctuations in commodity prices.

“Automotive is expected to be the largest end-use industry of foam tape during the forecast period.”

Automotive is expected to be the leading end-use industry of foam tape during the forecast period, in terms of volume. In the automotive industry, foam tape -is used in plate panels, roof molding, outer belt moldings, rocker panel/claddings, emblem & nameplates, rear spoilers, body & bumper side moldings, side mirrors, and side fenders/wheel flares.

https://www.prnewswire.com/news-releases/foam-tape-market-worth-10-35-billion-by-2023-874392819.html

“APAC is expected to lead the foam tape market during the forecast period.”

The APAC region is projected to lead the foam tape market during the forecast period, in terms of volume. The economic growth of the emerging countries such as China, India, Taiwan, Indonesia, Vietnam, and Malaysia, is expected to drive the demand for foam tape in the region. China is expected to lead the foam tape market in the APAC region. Factors such as increasing automotive production, availability of cheap labor and raw materials, low taxes, and less stringent environmental regulations are driving the foam tape market in China.

3M Company (US), Nitto Denko Corporation (Japan), Tesa SE (Germany), Lintec Corporation (Japan), Intertape Polymer Group, Inc. (Canada), Avery Dennison Corporation (US), HALCO (US), 3F (Germany), and Scapa Group Plc (UK) are some of the key players operating in the Foam Tape Market.

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